The federal government is expected to raise petrol and diesel prices by Rs30 per litre as part of current talks with the IMF on a rescue package.
According to local media reports, another increase is predicted since a cash-strapped country opted to implement a general sales tax (GST) on petroleum items as an additional measure. The lender has demanded Islamabad raise energy and gas tariffs, introduce a general sales tax (GST), and privatize some state-owned firms.
In addition to relaxing the tax provision culture, the mission requested that the coalition government ensure an audit of numerous state departments.
As of now, petrol is being sold at Rs249.80 per liter; high-speed diesel at Rs262.80 per liter; kerosene oil at Rs189.83 per liter; and light-speed diesel is Rs187 per liter, and after the imposition of GST, the price of a basic commodity will hit Rs280 per litre.
It also worried distressed citizens as the government dropped a petrol bomb last month, increasing the prices of petroleum products up to Rs35 per litre.
The lender asked the cash-strapped country to fulfill vows to introduce new taxes in order to revive the $6.5 billion bailout package at times when the country’s forex reserves drop again to an alarming $3.1 billion.
Amid the worst crisis, inflation skyrocketed to a 14-week high at 2.83 percent week-on-week during the 7-day period, per reports.
